DBS Financial institution’s brokerage arm, DBS Vickers (DBSV), has been granted a license to function as a Main Fee Establishment from the Financial Authority of Singapore (MAS).
The dealer says its license permits it to supply its companies within the city-state by way of its DBS Digital Trade (DDEx), in response to a press launch on Thursday. The transfer follows on from a earlier “in-principle” approval granted by the regulator in August.
Below the Fee Providers Act, candidates making use of for a license are topic to a assessment of their insurance policies, buyer safety procedures, compliance buildings, amongst different areas.
“We imagine that DBSV’s license… might add to DDEx’s volumes within the coming months and speed up progress momentum for DBS’ digital asset ecosystem,” mentioned Eng-Kwok Seat Moey, Head of Capital Markets at DBS.
DDEx first launched in December of final yr as a member-only bourse and in that point DBS says it has seen robust demand from institutional buyers in addition to accredited people and household workplaces.
In Could, DBS Non-public Financial institution rolled out Asia’s first bank-backed belief answer for cryptocurrencies whereas in June, DDEx listed its inaugural Safety Token Providing within the type of a US$13.3 million digital bond.
Learn extra: DBS Financial institution CEO: We Have Twice as Many Engineers as Bankers